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Eileen M. Daft who*
HOW MUCH FOR
DOWN PAYMENT?
If you’re ready to buy a house for the first time or want to trade up to a more expensive house in a more desirable location, one of your most important questions is, “How much should I offer for a down payment?”
You may be better off in making as large a down payment as possible. For one thing, this means your monthly mortgage payments will be lower. For another, it means you’ll be in a better position to qualify for a loan. Something else to consider is just how much of your monthly income should be used for mortgage payments. Most people keep themselves in a comfortable financial position by limiting house payments to 20-25% of their monthly income.
A lot will depend on your present status and future income prospects. Getting the house you want will also make a difference in whatever decision you make. Whatever your situation, discuss the fletails with us so we can help you buy the home you want under the most favorable financial conditions.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA. 22747. Phone: 675-3400. We’re here to help.
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